The Dubai Financial Services Authority (DFSA) has deprecated MAS Clearsight Limited (MAS) and requires MAS to pay compensation of USD 3,200,000 (AED 12,044,800) to 20 investors for breaching DFSA’s Law and Rules.
After investigation, the DFSA has found that MAS promoted Collective Investment Fund without complying with the applicable Laws and Rules. In addition, the investors were not properly treated as clients, and were excluded from the protections they were entitled to under the DFSA regulatory regime.
The Securities and Futures Commission (SFC)
SFC has fined J.P. Morgan Broking (Hong Kong) Limited (JPMBHK), J.P. Morgan Securities (Asia Pacific) Limited (JPMSAP) and J.P. Morgan Securities (Far East) Limited (JPMSFE) (collectively “JP Morgan”), and fined them $15 million, $12 million and $3 million respectively for various regulatory breaches including internal control failings. It was revealed that JP Morgan failed to implement adequate systems and controls in its institutional equities business in Hong Kong to ensure compliance with the rules and regulations in regard to a number of trading activities.
